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Bad credit rating - DMP ending soon

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07/01/2021 - 10:23 am

I am in a DMP, which will be finished by the end of September. I am being gifted some money towards a deposit from parents. I will have no debt other than car finance, earning 33k per year. What sort of deposit will I need to buy? looking at house value around 130-140k

Guest

07/01/2021 - 10:23 am

Hi Ashley,

Well done on being at the end of your DMP process, sure it is a huge relief.

As of today, you will require a minimum of 15% deposit and dependent upon your overall circumstances potentially as much as 25%

If not already done, it is essential you get a copy of your credit file and ensure the DMP individual debts have been marked accurately and once settled in September displayed as so.

You are highly likely to require a broker in order to access many of the specialist lenders you may well require.

All the best

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